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Financials

Insurer Hiscox slips into red as it counts cost of coronavirus claims

March 3 (Reuters) - Insurer Hiscox Ltd swung to a loss for 2020 and said it will not be paying a final dividend on Wednesday, hit by a spike in business insurance claims due to the COVID-19 pandemic after it lost a high-profile court case over policy wordings earlier this year.

Hiscox, part of a group of insurers that had argued many business interruption policies did not cover disruption after government measures to curb the virus, posted a pre-tax loss of $268.5 million for the 12 months ended Dec. 31, compared with a profit of $53.1 million a year earlier. (Reporting by Muvija M in Bengaluru; Editing by Rashmi Aich)

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